Medical practices and doctors need a CPA that understands the needs of a high earning professional that may have a reasonably large support staff. Doctors are highly educated business owners, whose time is extremely valuable and needs professional support network of similarly talented individuals. Medical practices need to manage the leasing of equipment, running payroll for a reasonable sized staff, and maximizing the retirement benefits available to high earning individuals. Medical practices have unique Tax Planning needs.
A Smart Medical Practice CPA needed
As highly educated professional, doctors will not function well with professions that are not of their calibre. As an MIT Graduate, Bette’s social and professional network is filled with top tier research scientists, medical professionals, and other highly intelligent professionals around the globe. You deserve to have a CPA that is on your level to help you manage the needs of your financial matters.
Navigating Retirement Options
One of the most challenging decisions for a medical office may be how to manage an appropriate retirement program. A 401(k) must be properly setup to avoid high earners being limited in contributions. Other, most powerful retirement plans, may create complications with payroll unless properly structured. Each medical practice is different, as the ratio of doctors:staff and the presence of the spouse on the payroll may change the advice given.
Medical Equipment Leasing
The modern doctor’s office is filled with expensive and specialize equipment, often needing complicated leases and finances. Starting in 2020, all businesses following Financial Accounting Standards Board (FASB) need to capitalize leases to be capitalized. These sort of changes may impact loan covenants and other financial commitments that may be based on GAAP (Generally Accepting Accounting Principles) instead of tax law. A good medical practice CPA will help you navigate these financial matters, while a tax preparer will just fill out the paperwork.